Executive Moves Update – October 3, 2025

by BA Research | Oct 3, 2025

About the Weekly
Each week, Boardroom Alpha tracks the most notable executive moves across U.S. public companies—highlighting key leadership changes that may signal strategic shifts, governance challenges, or opportunities for investors. From CEO transitions to CFO appointments and board resignations, our weekly update offers a quick pulse on the evolving leadership landscape in corporate America.

Executive Moves Snapshot

This past week brought notable shifts across the executive ranks and boardrooms of U.S. public companies, with leadership changes spanning financial services, aerospace, consumer products, and healthcare.

At Allstate Corp (ALL), leadership changes became effective October 1, 2025. Mario Rizzo was named COO, Jesse E. Merten became President, Property-Liability, and John E. Dugenske stepped in as interim CFO. Allstate has been performing strongly, with a +12.6% 1-year TSR and a B board rating, though governance concerns remain with entrenched directors averaging over a decade in tenure.

American Express (AXP) announced that long-tenured Vice Chairman Douglas E. Buckminster will retire in March 2026. With a +23.3% 1-year TSR and a solid A- board rating, AmEx remains on strong footing, though investors should note ongoing governance risks such as overboarding and high 8-K filing activity.

In contrast, Avery Dennison (AVY) continues to face pressure. The company appointed Francisco Melo as President, Intelligent Labels Technologies and Digital Solutions, effective October 1, 2025. The move comes as Avery struggles with a -23.4% 1-year TSR, a C board rating, and a host of red flags, including a high activist vulnerability score (82), recent cyber incidents, and governance concerns tied to an entrenched board and a non-independent chair.

The energy around boardroom succession also extended to GE Aerospace (GE), where Wesley G. Bush was elected to the Board of Directors, effective December 1, 2025, while Stephen Angel will resign a few days later. GE’s stock has soared with a +61.4% 1-year TSR, supported by an A-rated board, though risks remain tied to overboarding and a prior negative say-on-pay vote.

Elsewhere, HEICO Corp (HEI) announced a generational leadership shift after the passing of longtime leader Laurans A. Mendelson. Eric A. Mendelson and Victor H. Mendelson have been named Co-Chairmen of the Board, while continuing as Co-CEOs. With a +19.7% 1-year TSR and a strong A- board rating, the company remains financially solid despite governance red flags such as an entrenched structure and lack of independent board leadership.

Other notable developments included:

Constellation Brands (STZ), where James O. Bourdeau will retire as Chief Legal Officer in early 2026, with Jeffrey H. LaBarge set to succeed him. The company’s -43.8% 1-year TSR and C- board rating highlight steep shareholder losses, compounded by activist vulnerability (90) and going concern risks.
Prudential Financial (PRU) added Joseph J. Wolk as an independent director, even as it faces a -10.1% 1-year TSR, a C board rating, and the maximum activist vulnerability score of 100.
TD SYNNEX (SNX) appointed David Jordan as EVP and CFO, replacing Marshall Witt, who resigned. With a +42.6% 1-year TSR and a B board rating, the company is performing strongly, though cyber and control risks remain flagged.
Reliance Inc (RS) appointed John G. Sznewajs as an independent director, expanding its board to nine. Reliance carries an A- board rating and a modest +1.5% TSR, though activist vulnerability (76) could become a concern.

Executive Moves Summary Table

COMPANY	Executive Moves	COMPANY RED FLAGS
ALLSTATE CORP Ticker: ALL Mkt Cap: $55.3B 1-Yr TSR: 12.6% Board Rating: B	The Allstate Corporation announced leadership changes effective October 1, 2025, including Mario Rizzo as COO, Jesse E. Merten as President, Property-Liability, and John E. Dugenske as interim CFO. (view source)	Gov Risk: Average Director tenure over 10 years Gov Risk: Entrenched Board SEC No Action letter(s) in the last 2 years Stock Alert: All-time high at $214.65
AMERICAN EXPRESS CO Ticker: AXP Mkt Cap: $230.0B 1-Yr TSR: 23.3% Board Rating: A-	Douglas E. Buckminster will be retiring from his role as Vice Chairman in March 2026, after a distinguished career with American Express. (view source)	Abnormally High 8-K Filings Overboarding SEC No Action letter(s) in the last 2 years Stock Alert: All-time high at $342.31
AVERY DENNISON CORP Ticker: AVY Mkt Cap: $12.7B 1-Yr TSR: -23.4% Board Rating: C	Francisco Melo has been appointed as President, Intelligent Labels Technologies and Digital Solutions, effective October 1, 2025, and will no longer serve as President, Solutions Group. (view source)	CFO Tenure Was Under 2 Years: Danny Allouche Cyber Incident(s) within the last year Gov Risk: Chairman is not independent High Activist Vulnerability Risk Score (82) Immediate Resignation Settlement Agreement Stock Alert: 52-week low at $158.71 Workforce Reduction
AXCELIS TECHNOLOGIES INC Ticker: ACLS Mkt Cap: $2.9B 1-Yr TSR: -7.0% Board Rating: C+	Thomas St. Dennis is appointed chairman of the Axcelis Board, William J. Miller will transition to the role of director at Axcelis, and Russell Low and Jorge Titinger will also serve as directors. (view source)	Bankruptcy Alert: 1 director has a bankruptcy history (ACLS) Cyber Incident(s) within the last year Director Elections: < 95% average votes FOR Gov Risk: No lead independent director Merger Agreement Negative Say-On-Pay Vote: 87% For
BLOOMIN’ BRANDS INC Ticker: BLMN Mkt Cap: $615.9M 1-Yr TSR: -51.9% Board Rating: D	W. Michael Healy, Executive Vice President, Strategy & Transformation, is exiting the company effective October 13, 2025. (view source)	Cooperation Agreement in the last 2 years Gov Risk: Classified Board / Staggered Director Elections High Activist Vulnerability Risk Score (90) Hot Seat Risk Score – CEO: Elevated (60) Significant Stock Drop(s) in past 2 years Workforce Reduction
CENTRAL PACIFIC FINANCIAL CORP Ticker: CPF Mkt Cap: $811.6M 1-Yr TSR: 11.0% Board Rating: C+	A. Catherine Ngo is resigning from the Board of Directors of Central Pacific Financial Corp. and Central Pacific Bank, effective October 1, 2025. (view source)	13D filed in the last 6 months Gov Risk: Average Director tenure over 10 years Limited external board experience SEC Correspondence in the last year
COMMUNITY HEALTH SYSTEMS INC Ticker: CYH Mkt Cap: $421.8M 1-Yr TSR: -48.3% Board Rating: C-	Tim L. Hingtgen is retiring as CEO and director of Community Health Systems, effective September 30, 2025, and will enter into a consultancy agreement with the company. (view source)	Abnormally High 8-K Filings Bankruptcy Alert: 1 director has a bankruptcy history (CYH) Cyber Incident(s) within the last year Gov Risk: Average Director tenure over 10 years Gov Risk: Entrenched Board Gov Risk: More than one Director over 75 HHS-OIG Investigation Related High Activist Vulnerability Risk Score (77) Significant Stock Drop(s) in past 2 years
CONSTELLATION BRANDS INC Ticker: STZ Mkt Cap: $24.8B 1-Yr TSR: -43.8% Board Rating: C-	James O. Bourdeau will retire as Chief Legal Officer effective February 28, 2026, and Jeffrey H. LaBarge will succeed him in the role effective March 1, 2026. (view source)	Class Action Going Concern Risk Filings in the last year Gov Risk: Average Director tenure over 10 years Gov Risk: Multi-Class Shares High Activist Vulnerability Risk Score (90) Pledging SEC No Action letter(s) in the last 2 years Significant Stock Drop(s) in past 2 years Stock Alert: 52-week low at $131.78
DANA INC Ticker: DAN Mkt Cap: $2.6B 1-Yr TSR: 89.4% Board Rating: C	R. Bruce McDonald has had his employment as Chairman and CEO extended, and he will transition to Non-Executive Chairman after a successor is appointed. (view source)	13D filed in the last 6 months Cooperation Agreement Cooperation Agreement in the last 2 years Director Elections: < 95% average votes FOR Immediate Resignation Negative Say-On-Pay Vote: 78% For SEC Correspondence in the last year Settlement Agreement Significant Stock Drop(s) in past 2 years Workforce Reduction
DMC GLOBAL INC Ticker: BOOM Mkt Cap: $171.6M 1-Yr TSR: -37.1% Board Rating: D	On September 25, 2025, Sharon S. Spurlin was appointed to the Board of Directors of DMC Global Inc. (view source)	Abnormally High 8-K Filings Class Action Cooperation Agreement in the last 2 years Director Elections: < 95% average votes FOR Gov Risk: No lead independent director High Activist Vulnerability Risk Score (88) Negative Say-On-Pay Vote: 85% For Significant Stock Drop(s) in past 2 years Workforce Reduction
ENGENE HOLDINGS INC Ticker: ENGN Mkt Cap: $416.7M 1-Yr TSR: 26.0% Board Rating: D	Dr. Hussein Sweiti has been appointed as Chief Medical Officer of enGene Holdings Inc. effective September 30, 2025. (view source)	Amended Filing (10-K/A) Bankruptcy Alert: 1 director has a bankruptcy history (ENGN) Director Elections: < 95% average votes FOR Going Concern Risk Filings in the last year Gov Risk: Classified Board / Staggered Director Elections Internal Control Risk SEC Correspondence in the last year Settlement Agreement Significant Stock Drop(s) in past 2 years
FEDERAL AGRICULTURAL MORTGAGE CORP Ticker: AGM Mkt Cap: $1.8B 1-Yr TSR: -6.7% Board Rating: B	On September 25, 2025, Bradford T. Nordholm announced his retirement and resignation as President and CEO of Farmer Mac, while Zachary N. Carpenter was appointed as President and COO, and designated as the future CEO. (view source)	Abnormally High 8-K Filings Gov Risk: Average Director tenure over 10 years Gov Risk: Classified Board / Staggered Director Elections Gov Risk: Entrenched Board Gov Risk: More than one Director over 75 Limited external board experience Stock Alert: 52-week low at $164.37
GE AEROSPACE Ticker: GE Mkt Cap: $317.5B 1-Yr TSR: 61.4% Board Rating: A	Wesley G. Bush was elected to the Board of Directors of GE Aerospace, effective December 1, 2025, while Stephen Angel plans to resign from the Board effective December 4, 2025. (view source)	Bankruptcy Alert: 2 directors have bankruptcy histories (GE) Negative Say-On-Pay Vote: 70% For Overboarding Pledging SEC No Action letter(s) in the last 2 years
HEICO CORP Ticker: HEI Mkt Cap: $44.2B 1-Yr TSR: 19.7% Board Rating: A-	Laurans A. Mendelson passed away on September 27, 2025, and Eric A. Mendelson and Victor H. Mendelson were appointed Co-Chairmen of the Board of Directors, effective immediately, while continuing as Co-CEOs. (view source)	Deceased Person Disclosure Director Elections: < 95% average votes FOR Gov Risk: Average Director tenure over 10 years Gov Risk: Chairman is not independent Gov Risk: Entrenched Board Gov Risk: Multi-Class Shares Gov Risk: No lead independent director
JOHN WILEY & SONS INC Ticker: WLY Mkt Cap: $2.1B 1-Yr TSR: -17.7% Board Rating: C-	Brian O. Hemphill tendered his resignation as a director but will continue to serve until the 2026 annual meeting after the Board decided not to accept his resignation. (view source)	13D filed in the last 6 months CFO Tenure Was Under 2 Years: Christopher Caridi Director Elections: < 95% average votes FOR Gov Risk: Average Director tenure over 10 years Gov Risk: Chairman is not independent Gov Risk: Multi-Class Shares Gov Risk: No lead independent director Limited external board experience Workforce Reduction
KALVISTA PHARMACEUTICALS INC Ticker: KALV Mkt Cap: $593.6M 1-Yr TSR: -.8% Board Rating: C+	On October 1, 2025, Ms. Bethany Sensenig was appointed to the Board and Audit Committee, while Ms. Nancy Stuart transitioned off the Audit Committee but remains on the Board and was appointed to the Compensation Committee. (view source)	13D filed in the last 6 months Bankruptcy Alert: 1 director has a bankruptcy history (KALV) Director Elections: < 95% average votes FOR Gov Risk: Classified Board / Staggered Director Elections Negative Say-On-Pay Vote: 85% For
LIFEWAY FOODS INC Ticker: LWAY Mkt Cap: $390.6M 1-Yr TSR: -2.5% Board Rating: A	Jody Levy resigned as a director of Lifeway Foods, Inc. effective October 1, 2025. (view source)	13D filed in the last 6 months Abnormally High 8-K Filings Amended Filing (10-K/A) Cooperation Agreement Cooperation Agreement in the last 2 years Gov Risk: Average Director tenure over 10 years Gov Risk: Chairman is not independent Gov Risk: Entrenched Board Proxy Fight in the last 2 years Significant Stock Drop(s) in past 2 years
MARINEMAX INC Ticker: HZO Mkt Cap: $555.5M 1-Yr TSR: -20.0% Board Rating: C	On September 25, 2025, Michael H. McLamb resigned from the Board of Directors of MarineMax, Inc., and Daniel Schiappa was appointed to the Board and the Audit Committee. (view source)	Amended Filing (10-K/A) Amended Filings (10-K/A) within the last year Cyber Incident(s) within the last year Gov Risk: Classified Board / Staggered Director Elections High Activist Vulnerability Risk Score (75) SEC Correspondence in the last year Significant Stock Drop(s) in past 2 years
MATADOR RESOURCES CO Ticker: MTDR Mkt Cap: $5.4B 1-Yr TSR: -13.2% Board Rating: B-	Robert T. Macalik has been promoted to Executive Vice President and Chief Financial Officer, effective September 29, 2025, succeeding William D. Lambert, who has exited the CFO role as of September 24, 2025. (view source)	CFO Tenure Was Under 2 Years: William D. Lambert Cyber Incident(s) within the last year Director Elections: < 95% average votes FOR Gov Risk: Chairman is not independent Gov Risk: Classified Board / Staggered Director Elections Gov Risk: Entrenched Board High CFO Turnover Limited external board experience
NEUEHEALTH INC Ticker: NEUE Mkt Cap: $60.9M 1-Yr TSR: 27.7% Board Rating: D	At the closing of the Merger on October 2, 2025, several individuals exited and others transitioned into the board and officer roles for the newly formed Surviving Corporation. (view source)	Going Concern Risk Filings in the last year Gov Risk: Classified Board / Staggered Director Elections Internal Control Risk Merger Agreement Negative Say-On-Pay Vote: 89% For Settlement Agreement Significant Stock Drop(s) in past 2 years Workforce Reduction
NVR INC Ticker: NVR Mkt Cap: $23.2B 1-Yr TSR: -17.1% Board Rating: B+	Effective October 1, 2025, George R. Oliver has been appointed as an independent director on the Board of Directors of NVR, Inc. (view source)	Bankruptcy Alert: 1 director has a bankruptcy history (NVR) Director Elections: < 95% average votes FOR Gov Risk: Average Director tenure over 10 years Gov Risk: Chairman is not independent Gov Risk: Entrenched Board Gov Risk: More than one Director over 75
PARK OHIO HOLDINGS CORP Ticker: PKOH Mkt Cap: $302.2M 1-Yr TSR: -28.3% Board Rating: C+	On September 30, 2025, Andrew C. Clarke was elected as a member of the board of directors of Park-Ohio Holdings Corp. and its subsidiary, effective immediately. (view source)	Director Elections: < 95% average votes FOR Gov Risk: Average Director tenure over 10 years Gov Risk: Chairman is not independent Gov Risk: Classified Board / Staggered Director Elections Gov Risk: Entrenched Board Gov Risk: More than one Director over 75 High Activist Vulnerability Risk Score (76)
PREFORMED LINE PRODUCTS CO Ticker: PLPC Mkt Cap: $980.6M 1-Yr TSR: 62.5% Board Rating: A	Michael E. Gibbons passed away on September 14, 2025, leading to changes in the Board of Directors, including the appointment of Matthew D. Frymier and R. Steven Kestner to new roles. (view source)	Deceased Person Disclosure Director Elections: < 95% average votes FOR Gov Risk: Average Director tenure over 10 years Gov Risk: Classified Board / Staggered Director Elections Gov Risk: Entrenched Board Limited external board experience Settlement Agreement Significant Stock Drop(s) in past 2 years
PROTO LABS INC Ticker: PRLB Mkt Cap: $1.2B 1-Yr TSR: 77.9% Board Rating: C-	On October 3, 2025, Oleg Ryaboy will depart as Chief Technology Officer of Proto Labs, while Marc Kermisch will join as the new Chief Technology & AI Officer on October 13, 2025. (view source)	Director Elections: < 95% average votes FOR Executive Termination(s) within the last year Negative Say-On-Pay Vote: 85% For SEC Correspondence in the last year Settlement Agreement Workforce Reduction
PRUDENTIAL FINANCIAL INC Ticker: PRU Mkt Cap: $35.9B 1-Yr TSR: -10.1% Board Rating: C	On September 30, 2025, Joseph J. Wolk was elected as an independent director of Prudential Financial, Inc. (view source)	Gov Risk: Chairman is not independent Gov Risk: Entrenched Board High Activist Vulnerability Risk Score (100) SEC Investigation Related
RELIANCE INC Ticker: RS Mkt Cap: $15.0B 1-Yr TSR: 1.5% Board Rating: A-	On October 1, 2025, John G. Sznewajs was appointed as an independent director of Reliance, Inc., increasing the Board size to nine members. (view source)	Bankruptcy Alert: 1 director has a bankruptcy history (RS) High Activist Vulnerability Risk Score (76)
SANGAMO THERAPEUTICS INC Ticker: SGMO Mkt Cap: $211.2M 1-Yr TSR: -14.3% Board Rating: D	Prathyusha Duraibabu is transitioning to part-time employment as Chief Financial Officer, while Nikunj Jain is appointed as the principal accounting officer effective October 1, 2025. (view source)	Cyber Incident(s) within the last year Director Elections: < 95% average votes FOR Going Concern Risk Filings in the last year High CFO Turnover Listing Rule Violation: Minimum Bid Negative Say-On-Pay Vote: 58% For SEC Correspondence in the last year Significant Stock Drop(s) in past 2 years Workforce Reduction
SCORPIUS HOLDINGS INC Ticker: SCPX Mkt Cap: $300,000 1-Yr TSR: -99.8%	On September 22, 2025, Kit Foo Chye was appointed as a director of Scorpius Holdings, Inc. (view source)	Abnormally High 8-K Filings Going Concern Risk Filings in the last year Gov Risk: Chairman is not independent Immediate Resignation Internal Control Risk Late Filings (NT 10-K / NT 10-Q) within the last year SEC Correspondence in the last year Significant Stock Drop(s) in past 2 years
STEEL DYNAMICS INC Ticker: STLD Mkt Cap: $21.3B 1-Yr TSR: 14.9% Board Rating: A-	Glenn Pushis will retire from his role as Senior Vice President Special Projects at Steel Dynamics, Inc. effective January 9, 2026. (view source)	Abnormally High 8-K Filings Gov Risk: Average Director tenure over 10 years Gov Risk: Entrenched Board
TD SYNNEX CORP Ticker: SNX Mkt Cap: $13.4B 1-Yr TSR: 42.6% Board Rating: B	David Jordan has been appointed as the Executive Vice President and CFO of TD SYNNEX, replacing Marshall Witt, who resigned to assume a new role. (view source)	Cyber Incident(s) within the last year Internal Control Risk Negative Say-On-Pay Vote: 86% For SEC No Action letter(s) in the last 2 years Stock Alert: All-time high at $166.01
TEREX CORP Ticker: TEX Mkt Cap: $3.4B 1-Yr TSR: 2.8% Board Rating: C	Srikanth Padmanabhan has been appointed to the Board of Directors of Terex Corporation, effective December 1, 2025. (view source)	Gov Risk: Average Director tenure over 10 years Gov Risk: Entrenched Board Gov Risk: More than one Director over 75 High Activist Vulnerability Risk Score (78) High CFO Turnover
TRINET GROUP INC Ticker: TNET Mkt Cap: $3.1B 1-Yr TSR: -32.4% Board Rating: C	On September 30, 2025, TriNet Group, Inc. appointed Janet Kennedy and Madhu Ranganathan as directors to fill vacancies on the Board. (view source)	Bankruptcy Alert: 1 director has a bankruptcy history (TNET) Gov Risk: Classified Board / Staggered Director Elections High Activist Vulnerability Risk Score (90) Significant Stock Drop(s) in past 2 years
TRUBRIDGE INC Ticker: TBRG Mkt Cap: $307.1M 1-Yr TSR: 70.9% Board Rating: B-	On October 1, 2025, Dawn M. Severance will exit as Chief Sales Officer, and Michael Daughton will enter as Chief Business Officer effective October 6, 2025. (view source)	13D filed in the last 6 months Cooperation Agreement in the last 2 years Executive Termination(s) within the last year Gov Risk: Classified Board / Staggered Director Elections Ind. Accountant Dismissed Internal Control Risk Limited external board experience Significant Stock Drop(s) in past 2 years Workforce Reduction
VEECO INSTRUMENTS INC Ticker: VECO Mkt Cap: $2.0B 1-Yr TSR: 1.9% Board Rating: C+	William J. Miller, the current CEO of Veeco, will transition to the Axcelis Board as one of the directors after the Merger is finalized. (view source)	Director Elections: < 95% average votes FOR Gov Risk: Classified Board / Staggered Director Elections Merger Agreement
WINTRUST FINANCIAL CORP Ticker: WTFC Mkt Cap: $8.8B 1-Yr TSR: 27.6% Board Rating: B+	On October 1, 2025, Wintrust Financial Corporation appointed Laura Kohl and David S. Richter as directors of the Company, effective immediately. (view source)	Gov Risk: Entrenched Board Limited external board experience

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